Venezuela's PdVSA Reports Successful Oil Drilling in Ecuador

CARACAS (Dow Jones Newswires), July 17, 2008

Petroleos de Venezuela SA, or PdVSA, drilled three wells in Ecuador's Amazonian region, adding additional crude to the Andean country's daily production, PdVSA said this week.

PdVSA drilled the Guanta 18, Guanta 19, and Lago 40 wells in a region northeast of Quito, and the results will net Ecuador an additional 1,529 barrels of crude a day to its production, PdVSA said in a statement.

The wells, drilled jointly by PdVSA and Petroecuador, will produce crudes of 27 and 26 API quality. On July 22, a second drill sent by PdVSA to Ecuador will begin operations to open seven wells over the next several months.

Venezuelan President Hugo Chavez has vowed to join forces with his counterpart, Rafael Correa, to help Ecuador further develop its energy industry.

Both countries have joined forces on a plan to build a 300,000-barrel-a-day refining complex on Ecuador's Pacific coast.

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